SEAP: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SEAP
Largest movements
- Cash +€23,698
up €23,698 (+205%), from €11,545 to €35,242
mainly Net result for the year (+€19,092) and Depreciation (+€16,158)
- Tangible fixed assets -€16,158
down €16,158 (-31.7%), from €50,978 to €34,820
- Receivables within one year +€9,016
up €9,016 (+21.4%), from €42,098 to €51,114
of which Trade receivables: +€11,502
- Trade debts +€12,202
up €12,202 (+1,110%), from €1,099 to €13,301
- Other debts +€9,750
up €9,750 (+12,113%), from €80 to €9,830
- Reserves +€9,342
up €9,342 (+16.7%), from €55,844 to €65,186
- Tax, wage and social debts -€8,891
down €8,891 (-33.3%), from €26,712 to €17,821
of which Remuneration and social security: -€6,005
- Debts after one year -€5,931
down €5,931 (-37.4%), from €15,873 to €9,942
- Gross operating margin -€2,731
down €2,731 (-5.9%), from €46,160 to €43,429
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,900 | €127,553 | +€16,654 | +15.0% |
| Fixed assets | 21/28 | €52,978 | €36,820 | -€16,158 | -30.5% |
| Tangible fixed assets | 22/27 | €50,978 | €34,820 | -€16,158 | -31.7% |
| Furniture and vehicles | 24 | €50,978 | €34,820 | -€16,158 | -31.7% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €57,921 | €90,734 | +€32,812 | +56.6% |
| Stocks and contracts in progress | 3 | €3,537 | €3,486 | -€51 | -1.4% |
| Stocks | 30/36 | €3,537 | €3,486 | -€51 | -1.4% |
| Amounts receivable within one year | 40/41 | €42,098 | €51,114 | +€9,016 | +21.4% |
| Trade receivables | 40 | €31,773 | €43,275 | +€11,502 | +36.2% |
| Other amounts receivable | 41 | €10,325 | €7,839 | -€2,486 | -24.1% |
| Cash at bank and in hand | 54/58 | €11,545 | €35,242 | +€23,698 | +205% |
| Deferred charges and accrued income | 490/1 | €741 | €891 | +€150 | +20.2% |
| Total equity and liabilities | 10/49 | €110,900 | €127,553 | +€16,654 | +15.0% |
| Equity | 10/15 | €60,844 | €70,186 | +€9,342 | +15.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,844 | €65,186 | +€9,342 | +16.7% |
| Distributable reserves | 133 | €55,844 | €65,186 | +€9,342 | +16.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €50,056 | €57,368 | +€7,312 | +14.6% |
| Amounts payable after more than one year | 17 | €15,873 | €9,942 | -€5,931 | -37.4% |
| Financial debts | 170/4 | €15,873 | €9,942 | -€5,931 | -37.4% |
| Amounts payable within one year | 42/48 | €34,029 | €47,366 | +€13,337 | +39.2% |
| Current portion of amounts payable after more than one year | 42 | €6,138 | €6,414 | +€276 | +4.5% |
| Trade debts | 44 | €1,099 | €13,301 | +€12,202 | +1,110% |
| Suppliers | 440/4 | €1,099 | €13,301 | +€12,202 | +1,110% |
| Taxes, remuneration and social security | 45 | €26,712 | €17,821 | -€8,891 | -33.3% |
| Taxes | 450/3 | €20,707 | €17,821 | -€2,886 | -13.9% |
| Remuneration and social security | 454/9 | €6,005 | €0 | -€6,005 | -100% |
| Other amounts payable | 47/48 | €80 | €9,830 | +€9,750 | +12,113% |
| Accrued charges and deferred income | 492/3 | €154 | €60 | -€94 | -61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,158 | €16,158 | = | 0.0% |
| Other operating charges | 640/8 | €708 | €938 | +€231 | +32.6% |
| Gross operating margin | 9900 | €46,160 | €43,429 | -€2,731 | -5.9% |
| Operating profit (loss) | 9901 | €29,294 | €26,332 | -€2,962 | -10.1% |
| Financial income | 75/76B | €209 | €588 | +€379 | +181% |
| Recurring financial income | 75 | €209 | €588 | +€379 | +181% |
| Financial charges | 65/66B | €1,123 | €949 | -€174 | -15.5% |
| Recurring financial charges | 65 | €1,123 | €949 | -€174 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €28,380 | €25,971 | -€2,409 | -8.5% |
| Income taxes | 67/77 | €6,548 | €6,879 | +€331 | +5.1% |
| Profit (loss) for the period | 9904 | €21,832 | €19,092 | -€2,740 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,832 | €19,092 | -€2,740 | -12.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.